larry: that's it for kudlow, thanks for watching, folks. ♪ ♪. maria: good tuesday morning

everyone. thank you for joining us this morning. i am maria bartiromo. tuesday april 9. 6:00 a.m. on the east coast. today rate cuts in question had of the consumer price index out tomorrow morning. features are mixed indicating a decline for the dow industrial. again for the nasdaq. features mixed as commodities continue to rally raising questions about the impact on inflation. copper, oil, gold up in the double digits complicating the federal reserve's path to rate cuts. take a look at the numbers with crude oil at 20% this year, copper up 10%, gold up 15%. all of this after j.p. morgan jamie dimon shareholder questions and fed outlook for a soft landing. the banker warning the interest rates could skyrocket to 8% amid skyhigh debt in international conflict. march cpi out tomorrow morning, ppi on thursday. all hands on deck for reaction to the inflation numbers, join

us and stay with us as we join you with the preview this morning. first-quarter earnings season, the major bank supporting earnings on friday. we have a preview. take a look european markets, the s&p 100 and london is up a fraction, cat crown in paris is down, the tax in germany is lower by 123. in asia overnight markets finish mostly higher take a look at the story in the asian industries, the one weak spot was a korean index down half 8%. the prime minister of japan will be in washington this week, a steak dinner wednesday night a joint session with congress with the prime minister of japan the average up overnight. d.o.j. refusing to turn over the audio of his interview with special counsel robert hur despite a contempt threat from congress, the open border can't crisis, how biden has expanded

amnesty for over 1 million foreign nationals. i'll be speaking with border patrol rodney scott this morning and the next hour. joining the conversation strategic wealth partner mark tepper, republican strategist jonathan madison. "mornings with maria" is life right now. ♪. maria: it's time for the hot topic of the hour. president biden announcing more student loan handouts. this time 30 million people who have seen their debt grow because of unpaid interest, the plan would give borrowers $20000 in loan forgiveness regardless of their income, the administration did not say how

all this would cost. speaking a college in madison wisconsin, biden bragged about going around the supreme court to forgive more debt. >> tens of millions of people's debt is literally about to get canceled but then some of my republican friends elected official since the supreme court blocked us. that did not stop us. we continue to find alternatives to reduce student debt payments that are not challenging. maria: the journal writes biden's latest lawless student loan forgiveness, jonathan, your reaction. >> you cannot solve a real debt problem by issuing more debt. that's exactly what he's doing, legally speaking it's a dubious position because the supreme court ruled against it in a 6 - 3 majority vote last year,

there were different terms but the legal question that the supreme court asked does the heroes act of 2003 give the secretary of education the right to cancel student loan debt in the supreme court answered in the negative, they cannot. it's a dubious position and legally frustrating judicial scrutiny will probably follow. maria: the journal writes it, the supreme court blocked the biden administration forger $30 billion student loan runoff. who do the justices think they are, king joseph showed them on monday by waving his royals captor and canceling the debt for 30 million more additional borrowers. your thoughts. >> what he's doing is making his best effort to buy votes. if you go back to 2020, only 10% of young voters voted for

president trump. if you look at the polls today it is up to 43%. joe biden is losing with younger voters and this is what he's trying to do. in doing so he is screwing up her economics it is the study of incentives and with every single action there is a moral, social or economic consequence. when you continue to reward bad decisions and bad decisions are talking about people who may have bitten off more than they can chew as it relates to tuition, majored in something is it irrelevant when you reward those you scrubbed the incentive system and the only way to outgrow the amount of debt that we have right now, the only way to stop deficits bonded at the levels that were out is to grow economically. to do that you have to reward good decisions. maria: jonathan just said you can't qr get by issuing more

debt. he doesn't want to cure that he wants to buy votes. jamie dimon laid out in terms of the impact of high deficit spending and what that will mean for interest rates they are soaring. he said they will soar over the long-term. as shareholders in jamie dimon writes this, it's important to note that economies being fueled by large amount of government deficit spending and past stimulus. this may lead to stickier inflation and higher rates in the market expects. huge fiscal spending, the trillions needed each year for the green economy three militarization of the world and the structuring of the global trade all inflationary. jamie has been feeling like this for a long time. he told me the very same thing back in january. watch this. >> where does the fed said in, right now it's priced in f3 rate cuts this year possibly two or three rate cuts at 2025. do you agree with that. >> i'm a skeptic advocate a lot of things and forget economic

models for sackett, $2 trillion a fiscal deficit in the infrastructure and ira act, the green economy, the re-militarization of the road, the restructured trade are all inflationary that looks like 1970s to me. i think there's a chance that people should be prepared that inflation comes down and bounced up a little bit in those implied curves will change. maria: exactly what he said in the annual report in the shareholders and exactly what has played out since january. >> he is speaking to the second wave of inflation that we've been talking about. were witnessing firsthand that inflation begins to read accelerate again. if you look at a very recent acquisition, blackstone spent $10 billion acquiring a multifamily reit, the very smart people but they didn't because rents every accelerating. the thing with the rent that will show up in the cpi numbers for 18 months.

right now when you talk about deficit spending in line inconsistent with the 7% on employment rate when we don't need to spend that much money, we have big problems. maria: let's take a short break and come right back, markets are bracing for another round of inflationary data. we'll get the cpi tomorrow morning and ppi on thursday chief investment strategist sam stovall with how investors are positioning themselves. the power panel are back mike huckabee in steamboat fellow kaylee mcghee white are here in the 8:00 a.m. hour with her thoughts of the biggest stories of the day. stay whether she wanted "mornings with maria" live on fox business. ♪ ♪

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and. maria: welcome back. let's take a look at futures. a mixture wing, mostly higher of the inflation data and bank earnings. dow industrial flat one point, nasdaq up 28 points. take a look at interest rates ten year treasury yield has been hovering around 4.4% recently. it is now at 4.39%, down to another basis points right now. j.p. morgan jamie dimon annual letter to shareholders out yesterday questioning the federal reserve outlook for a soft landing, the leader banker warning interest rates could skyrocket to 8% admit skyhigh debt and international conflicts. i spoke with him back in january we told me the same thing about rate cuts, watch this. >> where does the fed fit in right now it's priced in three rate cuts this year, possibly

two or three rate cuts in 2025. do you agree with that. >> i'm a skeptic, i look at a lot of things and forget economic models for sackett, to dragon dollars in fiscal deficit. the infrastructure and ira act, the green economy, re-militarization of the world, restructured to train are all inflationary. that looks like 1970s to me. i think there is a chance that people should be prepared that inflation comes down maybe bounced up a little bit in those implied curves will change. maria: joined me cfr chief investment strategist sam stovall. that's not good the future market pricing in a 51% chance for a cut and rates in june. the lowest level since october. we've come all the way down, six rate cuts turned into three rate cuts now were hanging on to a hair in terms of one rate cut in june, what do you think. >> good morning. i think the odds favor the first

rate cut to occur in july and then we end up with the second cut right after the november election. i think were probably going to end up seeing two rate cuts this year and then the prospect of additional rate cuts in 2025. i think that's why the market is undulating at this point and not really sure what to make of the direction for inflation, interest rates and share prices. maria: what are you expecting when we get the cpi out tomorrow morning. when the observer foundered jim grant was in the studio yesterday. we were surprised at how aggressive he was in terms of not buying integrate cut conversation then we had chief equity market strategist phil orlando on this program the other day. they both agreed the chances for a rate cut are slim. maria: you're not expecting a cut in rates anytime soon eschenbach. >> they might decide that 3-inch is fine. maria: 3% inflation?

>> yes concern over inflation and to focus on financial stability as they would define it. however, i think there's a chance this year that the fed raises if they are confronted with an accelerating rate of inflation. i feel they have no choice. who's to say that 3.2% could not go up and have an 80-dollar oil price no longer 70. >> two chances of a june rate cut of slim and none and slim just died the earliest we would expect to see the fed cut rates would be in july. maria: mark tepper, this is something you been saying all along, jumping. >> i agree with both of the gentleman. to jim grant's point, the fed may decide that 3% inflation is fine but they are certainly not going to find that 4.8% inflation is fine. the run rate we have been going on when you look at month over month inflation because that's going to show us the momentum. were going at a clip of 0.4%.

we get another 0.4% month over month number tomorrow, i think the fed will have to change their tone and they will have to get more hawkish. we've been talking about this for a while. maybe one cut this year. i'm starting to move towards none. sam i would love to get your take on that. maria: sam said one in july but another one not until after the election. when you get closer to the election you don't want it to look like the fed is getting political. >> if you go back to 1992 as far back as the fed started telegraphing fed funds rate changes. every election year except 2012 had a rate change in the calendar year. the fed would really go out of its way to show that is nonpartisan, what i find interesting from a lot of the commentary, jamie dimon said interest rates could go to 8%.

he also said interest rates could go down to 2% and discomfort he will be well-positioned in either scenario. jim grant said we could say the fed raise rates but at the same time see the fed lower rates. if you took a bearish position in the beginning of 2023 you would have missed out on 25% total return. maria: let's get into earnings. you know exactly what is going on in terms of what were expecting on the first quarter. the banks kick us off on friday and then off to the races of first-quarter earnings, what should we expect. >> i think the bar is been set pretty low to begin with 2.8% is the year on your expected growth rate, six sectors expected to be higher. maria: for profit? 2.8% profit or revenue. >> yes. 2.8% profit. earnings up 2.8% looking for six

sectors to post gains. three in double-digit, can indication services, technology as well as looking at consumer discretionary. i think will probably end up being surprised once again. 57 of the last 59 quarters had actual results exceed end of quarter estimates so management does a good job of managing expectations. maria: your expected good earnings. read i wonder if it will include commentary about inflation. >> i think it certainly will. if it's an offer then adobe asked. right now expectations the earnings should be up about 9% for all of 2024 and up close to 14% in 2025. right now were looking at sequential quarterly improvements in earnings. maria: i like that. we'll be talking along the way. good to see you. >> good to see you. maria: sam stovall joining us.

president biden's d.o.j. refusing to hand over the audio of the interview with special counsel robert hur despite a contempt of congress threat from congress house judiciary member scott fitzgerald is here on how the stonewalling in the congressional investigation will play out. stay with us. ♪

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maria: welcome back the justice department is refusing to release the audio recordings of president biden's interview with the former special counsel robert hur putting merrick garland at risk of the held in contact of congress. the d.o.j. held over the transcript to appease house republicans as they continue to investigate biden's mishandling of classified documents as a senator and vice president, joining the wisconsin congressman scott fitzgerald member of the house judiciary and financial services committee. thank you for being here. what is the judiciary committee want to see specifically. >> i thought this was a layup

when we heard before the committee and had the ability to question him. use all that we went as far to ask about the president's mental state, is he in fact, was there any demonstration that he is somewhat senile. we thought it was a slamdunk, the idea that d.o.j. and merrick garland are hiding this is not willing to comply is a little bit startling and underscores idea that they know how bad this is. we have seen the president. >> are hiding something? >> i think is been rambling and publicly can you imagine what that looks like behind closed doors in an interview in which they allow him off the top of his head. it's gotta be really bad for d.o.j. not to comply at this point. maria: what is this going to get you. >> ultimately what were trying to establish, what d.o.j. did

and robert hur to hide things from the committee and make sure publicly you're not going to see what we knew what was going on which is the president's mental state is certainly not a good excuse to dismiss something that could be criminal quite hon honestly. maria: house speaker mike johnson under pressure as congress returns from easter recess putting ukraine in israel package in the spotlight. you were just in israel for a week. what are your thoughts on congress bringing this ukraine, israel bill to the floor this week, you think will get a vote next week? >> myself returning from israel at the southern border with hamas in the tragedy we talked to the hostage families in the northern israel hezbollah is right there on the edge in sy

syria, there are 70 different concerns in israel completely unique to what we experience it in ukraine right now and i'm almost disappointed that you are being conflated. but it looks like the speaker is trying to create some package and whether or not enough support in the republican conference is the big question. we will have that discussion tomorrow and d.c. >> the conversation about a cease-fire is getting louder and the white house putting out its ideas on a cease-fire again in israel is looking increasingly like the bad guy even though it's been six months since the worst attack on israel since the holocaust. the president and chuck schumer, the democrats have made it real clear that israel is losing the pr war is that a fair statement?

>> we met with the prime minister he said we will witness were, he was a little bit less descriptive on how far they were to go with rafah but i still believe at the end of the day that they know they are in a position to end this and in this quickly. it's what president trump is been calling for and i totally agree. they should be able to finish the job so were not dealing, we and israel are not dealing with hamas down the road and it's something that has happened in needs to happen quickly at this point. maria: nobody wants to see humanitarian humans killed and citizens killed in the fog of war. at the same time we haven't heard anything of hamas in terms of this idea of a cease-fire. >> there's no doubt about it is being held in the tunnels were not sure how many of those are still alive. they're being used as human

shields in the war right now and yet the calls that israel, as she described a cease-fire continue which is ridiculous. i think not only israel should be able to pursue all of their goals when it comes to the work but again the u.s. should be standing side-by-side with them. unfortunately we are not seeing that, not only in congress but across this country right now. maria: the media is taking a cue from the white house. i want to move on to something that you can affect the white house is calling the mayorkas impeachment silly basement stunt. in sam's writing this, the effort is a complete waste of time that constitutional and legal efforts have said is unconstitutional. what are your plans in terms of the impeachment trial in the senate? >> it's somewhat out of her hands in the house right now but i can tell you if you talk to anybody in the senate that

senator schumer has a huge problem right now and that is a political problem in which they are not willing to stand on the floor of the u.s. senate and have a full debate about the border because they have huge issues politically about this which is why chuck schumer and the senate democrats are trying to find a way of completely avoiding the discussion on the floor and some type of trial and in the way to do that is to drag their feet. i'm not sure exactly what the timing of the u.s. senate is but they have a problem because they don't want to talk about the border because now they know what's happening at the border. maria: are you inspecting mike johnson to bring the ukraine, israel bill to the floor and are you going to vote for it if it's a status quo and that is no change of the border. >> first thing has to get out of the conference tree the speaker needs to make the pitch and that

will probably happen at 9:00 a.m. tomorrow. quite honestly i'm not sure what exactly the speaker has been negotiating. i think you would find the rank-and-file member of the house in our conference are not aware of that yet but like i said is not the first time something is been thrown in her lap and unfortunately that means typically the support is not there. i'm not sure exactly where were at right now we will find out by 9:00 o'clock tomorrow morning. maria: we will be watching. good to see you. thank you so much. scott fitzgerald joining us. janet yellen returning from china with very little to show from her trip. no progress again, jack keane is here with his reaction to no breakthroughs once again and beijing, president trump receives another blow as his new york hush money case is ready to enter the jury selection phase, details on the other side of the break. stay with us.

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maria: welcome back. president trump's efforts to delay the hush money trial falling flat. lauren simonetti with the details. >> new york appeals court rejected the president's motion to delay the hush money criminal trial brought on by manhattan da alvin bragg. trump argued that pulling a quantitative analysis of media coverage shows a fair and impartial jury cannot be

selected based on pre-judicial pretrial publicity. but jury selection will begin on monday. the irs adding an important update for taxpayers out of monday's federal deadline for those that use direct file, that the agency's free tax filing program, they will be able to import verification details from the irs rather than inputting the previous year's temporary penn or adjusted gross income. irs says this will minimize errors, treasury official claims extra step has been the main issue in preventing successful direct file returns. a reminder that tax day, six days away is on monday april the 15th. now to college basketball where the uconn huskies are back-to-back national champions, yukon beating purdue 75 - 60. >> what an amazing run. it's a uconn coordination. the huskies make history, back to back, national champions. yukon security the six national championship with a win last

night that puts them in a tie with north carolina for the third most championships in college basketball history behind ucla and kentucky all of yukon's titles have been won in the past 25 years, senior huskies guard tristian newton being the most outstanding player of the tournament averaging 14 at half points and seven and assist through six games during march madness really helped uconn become the college basketball first back-to-back national title winners since 2007. congratulations. by the way for the women did you see the ratings for the final game, south carolina, iowa. >> 18.7 million. maria: at the big number. it's nice to see excitement around women. >> couldn't agree more. >> israeli prime minister benjamin netanyahu is vowing that israel will invade rafah same victory over hamas requires entering hamas and the terrorist

battalions there, this will happen, there is a date said the prime minister yesterday. the u.s. state department says it has not been briefed on what the date is. the u.s. is pushing a new cease-fire proposal the wall street journal reporting under the new cease-fire plan hamas would release 40 of more than 100 captives held in gaza in return for the release from israeli prisons of 900 palestinian prisoners including 100 convicted of terrorism charges over the course of the six week cease-fire in gaza joining the fox news strategic analyst chairman of the institute for the study of war, general jack keane thank you for being here this morning. >> i'm delighted to be here. maria: your reaction to what the journal is reporting the idea of the cease-fire over the next several weeks in the idea that prisoners will be released and hostages will also be released. >> hopefully this comes to pass.

prime minister benjamin netanyahu has made proposals for months for a six weeks cease-fire exchange for hostages during the time frame him unitarian assistance and release of prisoners, quite frankly hamas has been unreasonable in their demands and here's my frustration. i believe this a administration by pushing back on prime minister benjamin netanyahu in his desires to feet hamas in rafah and pushing back on them and implying that we should go to an immediate cease-fire and i wonder what those conditions would be our providing leveraged hamas. the fact that hamas is sticking to his guns and not negotiating in a way that they did in november, the reality is their position has hardened and the administration is playing into the hands that is the frustration that prime minister

benjamin netanyahu is facing, let's be clear about this hamas has to be destroyed if israel is going to exist as a state. this is an existential threat to the survival of israel, the stakes could not be higher. iran has operationalized all the proxies in the region to drive the united states out of the region and to destroy the state of israel by making it uncomfortable and insecure for people to live there. therefore they will move out of israel, that is what the intent is and we have to see it for what it truly is. the administration's position is dead wrong in my view and handicapping the israelis. fortunately, the prime minister and the war cabinet has the mental toughness and the spying to deal with this and recognize that their survival is on the line and they have to continue with their military operation.

at the same time negotiate fairly with hamas to get hostage relief and humanitarian aid in their. maria: it's been unnerving to have the democrats and the president attacked benjamin netanyahu in the fight of his life frankly in a public way. but the journal is writing that the two sides still disagree over key aspects of any potential deal. this deal that comes from the cia director william burns has the boss would release 40 of the 100 hostages still held in the enclave in exchange for 900 palestinian prisoners from israeli jails included 100 that are serving long sentences because of terrorism related charges. how are we supposed to believe that hamas is going to release any of the hostages. we should just believe that that is going to happen? >> they released the hostages back in november. i think it's likely going to

happen but the difficulty has been over the number of palestinians that they won't release. they want to be able to pick who they want released and of course there picking the people who have the most serious charges against them and leaders of the organization so they can get back out and strengthen the fight against israelis they have certainly been pushing back on that. but the pressure in stressing the enough is on israel not on hamas. as i said before were strengthening hamas' hands by wire brushing israel and public by the way we continue to do. maria: that is right. it is been unnerving to watch this a public fight, trying to isolate israel in the middle of the six months after it was served the worst attack since

the holocaust. i gotta move on to china, treasury secretary janet yellen leaving beijing after four days of economic talks with chinese officials resulted in no major breakthroughs. janet yellen focus on chinese overcapacity concerns, she warned the u.s. will not except new industries being decimated by chinese imports. she cleaned the u.s. china relationship is out of war stable footing in your exchange with chinese officials advancing american interest. haven't we've been hearing this for a long time there were not going to accept this or that from the chinese communist party and at the end of the day we accept everything. she did not make any threats of tariffs or any threats of sanctions, the chinese will keep doing what they could do, the chinese comet's party not the people, the ccp, what are your thoughts, here they are in a bar having beers. >> what china does, their overproduction and by state owned enterprises by the way because of the subsidies that they receive that is how they can undercut what is taking place back here with american

business and that means jobs for us and the impact on our eco economy. as we know full well, china has destroyed our textile industry, destroyed our furniture industry, was making a move on destroying our steel industry in president trump at a stop to that based on tariffs, that is what is on the table and were going to have to take the gloves off at some point and put on the table, this is the price that you were going to pay china, if you continue this behavior. that is the thing that we've always been unwilling to do with china. we talk nice but with half to talk nice and play hard. they have got to know that we're going to stick to our guns and were not could have these people undercut our economy as they did a number of years ago and cost of millions of jobs that's truly what is at stake. we have almost full employment

right now which is obviously a good thing in the economy we have inflation to be sure but the full employment is what were trying to protect and were trying to protect americans business and their very sur survival. maria: everything that you mentioned is economic related all economic issues. there is a national security issue related to all of this behavior from the ccp as well, tens of thousands of chinese nationals coming into the open border. we don't know what they're doing or the motivation. fentanyl, pounds and pounds of fentanyl being picked up by border patrol. surveillance, constant nonstop surveillance balloon as well as other ways. there is national security issues as well as economic issues. we don't see the administration tackling any of that. >> chinese are conducting the most comprehensive penetration of american society in our history, cyber espionage to be

sure and as you mentioned tens of thousands coming across the border, all male, all young all working age buying up land next to military bases, establishing the godforsaken police stations in major cities to monitor who, to monitor the chinese nationals in our country and their behavior and to put pressure on them. this is very comprehensive. i think the fbi is overwhelmed by the penetration that is taking place on a regular basis in our country here. unfortunately the speaking up about it. there's so much more that we can do in pushing back on china in terms of the cyber espionage that they are conducting. we have to roll up our sleeves and get tough on this issue on a regular basis and we have to get our allies in it, china flinches

when they get criticized internationally and this should be a steady drumbeat of what their doing and put it out there so the world can see it and the american people can see it. i understand some of this is classified but this administration has done good work in releasing classified information for our benefit to pressure adversary countries. get on with some of this out there so the world understands what china is doing here. maria: we are certainly have a regular drumbeat on this program. i don't think any of these issues came up with janet yellen's meetings but will keep a spotlight on it. good to see you. thank you. >> have a great week. general jack keane. we'll be right back.

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maria: welcome back let's take a look at crypto prices. back near $70000. we are looking at an effort to go back to the record highs, joining me president john woo, great to see you, thank you for being here. if you look at bitcoin we are risk on, what is your outlook for bitcoin this year. >> very positive the incremental demand of two or 3000 per day versus the supply of 900 and

that's only going to be cut in half and about ten days or so. the increment demand way outweighs the incremental supply. maria: where is the demand coming from? >> fundamentally you have the etf that allowed easy access for a lot of people. i cannot say enough about the underlying reasons of why people are involved in this. besides easy access to the etf. reality even the u.s. dollars lost a lot of the purchasing power and when i talk to young folks they feel like the rat in the last couple of years have skyrocketed and what they can get, even mayonnaise is up 50%. the average american feel some pain and this is the way they feel stored value can be better and mathematically has been for the last three to four years. >> the ceo of ripple expects the entire cri crypto to double in e to five chicken dollars by the end of the year, that is a huge

story that it will double by the end of the year, is that how you see it? >> i agree with brad rationally, i think the timing by the end of the year that's very aggressive. i think what he sees and i'm seeing that gets them excited is the usage of all the crypto currency. bitcoin usages stored value the avalanche and ethereum there is a lot of building on top of those block chains. it helps companies build on top of avalanche and were talking and working with places like blackrock, paypal, a lot of traditional industry participants, even j.p. morgan, whatever jamie dimon says about the crypto asset, the usage of the block chain is actually happening. from that perspective i'm super bullish for the whole space. maria: the usage is coming and what industry predominately. is this financial services or

all corporate america, where do you see the usage most? >> is going to various parts of traditional technology. but right now the number one lead is traditional finance, paypal using their own stable point, blackrock tokenized in assets like money market funds. it's tokenized in real-world assets because the cleaner easier form to hold the right of ownership basically. maria: that is great analysis. great to see you, thank you so much. john will joining us, the d.o.j. refusing to turn over robert hur's taped interview with president biden even with the contempt of congress threat on the table read the hot topic of the hour coming up next. the power panel is back in the 8:00 a.m. hour. join me for mike huckabee and kaylee mcghee white in the biggest thoughts of the new stories of the day. watching "mornings with maria", live on fox business. we'll be right back.

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maria: welcome back. good tuesday morning. thanks very much for joining us this morning. hope you're having a good morning i'm maria bartiromo. it is tuesday, april 9, 7:00 a.m. on the east coast many time for the hot topic of the hour. the doj refusing